[Claw][Love]Happy Thanks giving！
The stock market was closed on Thursday and will also be closed early on Friday. Hopefully that the market will survive smoothly on Friday.
However, some institutions’s analysts give points that the $S&P 500(.SPX)$ still has room to go and have hope of reaching new highs. Some experts said the downside possible is much bigger.
Are you going to trade on Black Friday?
Yes or No?
Below are some key findings discussed for the $S&P 500(.SPX)$ on Friday.
1. $S&P 500(.SPX)$ has more room to go
1.Elliottwave Forecast@ElliottForecast, which provides forecasts for 78 markets, recalled back recently：
$S&P 500(.SPX)$ 4 hour chart from last month. We presented the idea that a huge bounce was coming. Inclusive is possible to break to new highs above wave.
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2. Wade Sickler @TheBon_Scott, the former hedge fund manager with 33 years of market experience commented:
Given the pattern we’ve been seeing since the $S&P 500(.SPX)$ peaked in early Jan 2022, this rally most likely has more room to go.
A move over 70 on the Bullish Percent Index, followed by a move back below 70, triggers a sell signal on this indicator.
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If we are in fact in a "new bull" market, if we get a sell signal on the BPI the reading probably won't as often drop back as far as it has been doing since Jan 2022. And it will then resume an upward trajectory after a normal 5%-7% market pullback.
3.Larry Tentarelli, Blue Chip Daily@bluechipdaily, he pointed that:
$S&P 500(.SPX)$ needs a close over 455.31 on Friday for a 52-week weekly closing high. Bullish weekly MA cross. 10-week MA turned up.
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2.Downside opinions
2.1. The Californian investment service provider Figuring Out Money @mikepsilva on the X platform has pointed out that investors should watch the moves of the dollar and yields on US government bonds.
The $S&P 500(.SPX)$ experienced a -10% correction amidst a rising dollar and 10-year yield. Currently, the rally is occurring alongside a falling $USD Index(USDindex.FOREX)$ and a decreasing 10-year yield $10-YR T-NOTE - main 2312(ZNmain)$ .
At present, each of these assets is becoming very tight. If the dollar and the 10-year yield break to the upside, history suggests that the $S&P 500(.SPX)$ may take a break from this current rally.
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2.2 .King of the Charts @ChartingProdigy on the X platform, (Youtube's Premier Analyst, Chart Truth Detector, Master Swing Trader, and the Doctor of Dump & Pump) said that:
Shortly After My Signals Called the Very Day of the Oct Bottom, the $S&P 500(.SPX)$ Moved into a Risk On Environment. Signals are now overbought, so I expect a pullback, likely a big one. Then New ATHs to Form A top in Q1 2024
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2.3 Founder of Flowtopia_co, TheTradingChamp, @TheTradingChamp on the X platfrom pointed:
Every single time $Cboe Volatility Index(VIX)$ has hit this zone in 2023 we have bounced & $SPDR S&P 500 ETF Trust(SPY)$ has had a pullback…
Do what you want with this information. I’m in $SPDR S&P 500 ETF Trust(SPY)$ puts for downside Friday or Next Week.
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Reminder that: Short sellers hedge fund short sellers sustained losses of approximately $43 billion over the past few days.
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